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The balance sheet for Campbell Corporation follows: Current assets $ 235,000 Long-term assets (net) 759,000 Total assets $ 994,000 Current liabilities $ 149,000 Long-term liabilities
The balance sheet for Campbell Corporation follows:
Current assets | $ | 235,000 | |
Long-term assets (net) | 759,000 | ||
Total assets | $ | 994,000 | |
Current liabilities | $ | 149,000 | |
Long-term liabilities | 454,000 | ||
Total liabilities | 603,000 | ||
Common stock and retained earnings | 391,000 | ||
Total liabilities and stockholders equity | $ | 994,000 | |
Required
Compute the following. (Round "Ratios" to 1 decimal place.)
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The following data come from the financial records of Solomon Corporation for 2018:
Sales | $ | 845,000 | |
Interest expense | 4,300 | ||
Income tax expense | 29,000 | ||
Net income | 24,000 | ||
Required
How many times was interest earned in 2018? (Round your answer to 2 decimal places.)
Selected data from Benson Company follow:
Balance Sheets As of December 31 | |||||||
2018 | 2017 | ||||||
Accounts receivable | $ | 406,000 | $ | 380,000 | |||
Allowance for doubtful accounts | (20,300 | ) | (15,200 | ) | |||
Net accounts receivable | $ | 385,700 | $ | 364,800 | |||
Inventories, lower of cost or market | $ | 484,500 | $ | 443,000 | |||
Income Statement For the Years Ended December 31 | |||||||
2018 | 2017 | ||||||
Net credit sales | $ | 2,007,000 | $ | 1,759,000 | |||
Net cash sales | 401,000 | 300,000 | |||||
Net sales | 2,408,000 | 2,059,000 | |||||
Cost of goods sold | 1,608,000 | 1,432,000 | |||||
Selling, general, and administrative expenses | 239,800 | 214,800 | |||||
Other expenses | 40,400 | 23,600 | |||||
Total operating expenses | $ | 1,888,200 | $ | 1,670,400 | |||
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Required
Compute the accounts receivable turnover for 2018.
Compute the inventory turnover for 2018.
Compute the net margin for 2017.
(For all requirements, round your answers to 2 decimal places.)
a. | Accounts receivable turnover | times | |
b. | Inventory turnover | times | |
c. | Net margin | % |
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